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Aug 8, 2008 11:25 am US/Pacific

SEC Steps Up Countrywide Investigation

LOS ANGELES (AP) ― Bank of America Corp. says the Securities and Exchange Commission has escalated its scrutiny of Countrywide Financial Corp. into a formal investigation.

Bank of America, which finalized its acquisition of Countrywide last month, disclosed the development in a regulatory filing Thursday.

The bank also said Countrywide has responded to subpoenas from the SEC. The filing did not specify what aspect of the lender regulators are focused on.

The Los Angeles Times reported Friday that the SEC probe centerson whether Countrywide Chairman and CEO Angelo Mozilo's stock trades violated the law and whether the lender's financial disclosures misled investors.

The newspaper based its report on unnamed persons close to the investigation.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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